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Friday, June 25, 2010
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18 comments:
what is up with this property?
http://www.redfin.com/VA/Arlington/858-N-Arlington-Mill-Dr-22205/home/11241160
The snow on the ground, along with the warning to "hurry, won't last long," are an odd mix.
Mike-
Yeah it is strange. They bought it for 560 on 9/09 and listed it 3/10. My guess is it ends up selling for less than they originally bought it for.
Maybe the seller meant the SNOW wouldn't last long.
I've often found that that "hurry" admonition often means "this is overpriced."
Ace-
I agree. I think Realtors know if the house is priced correctly. When it is they let market forces work. When it is overpriced they will do anything they can to try and get a little extra interest in their products.
HB, yes, and they devote the limited MLS comment space to touting the house's features, rather than putting in nonsense (such as "hurry...").
Here's another pet peeve of mine: "stunning." Being stunned is a pretty extreme reaction to something, as in you were stunned to hear that there was a murder two blocks from your house, or that the neighbor's dopey kid got accepted to Harvard. But it seems Realtors think a lot of their listed houses are "stunning" when in fact many of those houses are hardly worth an "eh."
Maybe realtors are just very impressionable people on a whole and hence are easily "stunned" ;)
Seriously though, I agree on the puffery/hyperbole. It drives me nuts.
realtors are all extraterresetrials, it is pretty simple to find out. some ufo came to visit earth in 60s, made some photos of the old ladies, cloned them, came back now and try to gather information about human civilization. you can spot them by their very peculiar hair/dye style, smile, manners and empathy level.
I'm way too lazy to hunt around for street parking and then drag all my stuff up those steep steps every day several times. Here's a realtor's review of that house on frankly:
"This is a very uniqe house. Having street parking only makes this house hard to sale. However, the house is in good shape and have been kept up with the change of time. Two good size bedrooms and one very small, currently being used as a closet.... On the bright side, it is on the walk path, across from the Rose garden and park. One could walk to Metro in 20 minutes. Send me an e mail if you want to preview this house."
Meshell, if I were the Realtor, I would investigate whether a new buyer could dig out the front yard to build a driveway and put a garage where the latticed area is now.
Puffery?
Old as the hills folks. Anything interesting to discuss? I'd like to talk to some investors (or REAL deal seekers).
VA-
Where I am looking there is no deals or market for that matter. Sellers are pricing their houses too high and buyers are just refusing to buy. It seems like 50+% of the houses I tag end up just being pulled from the market after a few months on the market without getting contracts.
I assume the areas you are looking at have been pretty hot due to the tax credit?
VA_I,
Why not start a NoVA or DC area RE investors' blog or website?
We don't say it enough, but thanks, Harriet, for hosting this site.
Everyone, have a nice weekend.
Another proof that "so-called" shadow inventory isn't shadow after all. For those who believe it doesn't apply to NoVa...think again..and some more.
Delinquencies, foreclosures cast three-year shadow over market
"It will take nearly three years for the Washington area's pent-up delinquent and foreclosed properties to clear, according to a recent report, casting a pall over the region's housing market.
The area's 34.2 months of inventory is in line with the national average, said the report from Standard & Poor's. The New York-Northern New Jersey-Long Island market had the highest inventory level, at 103.1 months.
Analysts have kept a close eye on the so-called "shadow" housing market, which is comprised of homes that are delinquent or in foreclosure but have not been put on the market.If banks or lenders release them too soon, home prices could crash; if they hold on to them too long, supply could dry up. A standard level of inventory is about 19 or 20 months.
"The longer the overhang ... the longer it is until the market returns" to a healthy level, said Diane Westerback, managing director of Global Surveillance Analytics for Standard & Poor's.
The area's 34-month inventory is up about 22 percent from six months ago and about 36 percent from a year ago, but is still well off its high of nearly 60 months about a year and a half ago, the report said.
The report defines "shadow inventory" as properties that are, or were recently, 90 days or more delinquent on mortgage payments, in foreclosure, or real estate owned that are not yet on the market.
"It's hard to say exactly how these things get liquidated," she said. "Inevitably they're going to get spread out a bit."
David Dowies, principal broker at Portfolio Realty, a real estate firm based in Northern Virginia, said he has seen the properties "starting to trickle out" back onto the market.
Lots of clients want to sell, he said, but short sales and foreclosures that have pushed prices down have given some of them pause.
"There's just a lot of people on the sidelines -- sellers -- that have been holding back," he said.
HB,
I hear you. And, most of it isn't selling unless it is priced really well....except in rare cases when some sucker gets emotional or doesn't have a clue.
Having said that, renting is cheaper than last year. So, I am not complaining...
On a separate note, most "analysts" now seem to strongly believe in housing double-dip. I say - if you used your brains earlier, it would have been obvious...you fools.
Spider-
I agree about the analysts should have seen it earlier. The fact that they are only talking about it now is amazing seeing that home prices have been going down since basically the start of 2010. I still think we will see the inventory come out very slowly which keeps the losses at a slow pace. None of the banks appear to be in any rush to unload properties...
Ohh well my lease goes for another 14 months so I am no n
Well spider,
It seems that a year and a half ago was the "bottom", based on your article re: shadow inventory.
That matches my thoughts.
Ace,
I can't be counted on to "work" on any regular basis; hence, no blog. I just wish there were a few more like me around here.
hb,
There is no inventory for what I am interested in. Prices have bounced up and bidding wars abound. I may do a couple of flips on mid-upper mid homes. Maybe I'll re-visit my stamp collection...
VA-
I figured that was probably the case in your market. It really is a tale of two different worlds. Cheap starter homes that are fairly far from the city appear to be selling like crazy (particularly during the tax credit times), while more expensive houses have massive inventories and are just languishing.
I guess it makes sense, because prices corrected faster and harder for the places you are looking at so there is a lot of demand at those prices, while the places that are only down 10% from peak can't attract buyers yet.
Maybe you will be a little lucky and everyone who wanted to buy used the tax credit and you will find deals over the next month or two
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